Yes / After Brexit, EU national leaders can no longer escape the need to implement structural reforms and improve Eurozone governance. Since the start of the crisis, considerable progress has been made to stabilise EMU, but the current status quo is not an adequate answer to the challenges ahead. As in other domains of European interest, lack of initiative and reform is only fuelling populism. The ECB has contributed greatly to making up for the lack of policy coordination, insufficient structural reforms, and lack of progress in Eurozone economic governance. But its policy impact has been limited by these shortcomings and it has frequently been under fire for having had to take extraordinary measures. This paper, first, considers the initial flaws of the monetary project and the progress made since an EMU a minima was launched in 1999. Second, it examines the measures needed to make the long-term functioning of the euro area sustainable, and analyses the range of issues and choices that policymakers and political leaders need to face to stabilize EMU whilst addressing the often structural lack of competitiveness encountered among Eurozone members. Finally, it formulates recommendations on how to improve the workings of EMU without further postponing action.

海外可轉換債券提供台灣企業能在台灣境外融資的管道，其正面的影響主要為能擴充企業融資管道、發行金額較大、資金成本較低、可增進發行企業海外的知名度與能見度，以及分散企業資金風險的好處。但另一方面，由於海外可轉換債券是以外國貨幣為計價單位，將會增加發行企業的外匯風險，而且海外可轉換債券的發行金額龐大，企業使用財務槓桿的程度大大提升，使得發行企業的財務風險大幅增加，此外，海外可轉換債券的發行成本亦是相對較高的。因此，以海外可轉換債券融資是否對所有的企業均有利、海外可轉換債券發行市場是否有著一個區隔性、對於可使用海外融資市場的企業是否相對產生了一種優勢，這是一項值得探討的議題，而這是本文研究的動機所在。而本研究之實證結果如下： 1. 海外可轉換債券與國內可轉換債券發行公司其發行動機有顯著的不同，特別是在公司預期未來國外依存度較高、資產擴充程度較大、公司規模較大、成長力較小與發行金額較大的情況下，相較發行國內可轉換債券而言，公司將會傾向選擇發行海外可轉換債券。 2. 相較於國內可轉換債券的宣告，在公司宣告發行海外可轉換債券時並無超額報酬，此顯示了使用海外可轉換債券融資有相對好處的企業，在公司宣告前已充分的使用了此一優勢。 3. 相較於國內可轉換債券發行公司的營運績效而言，在發行後海外可轉換 債券發行公司的營運績效顯著較佳，但此一結果並不能由發行企業的特性來解釋，反而是因融資來源的擴充使公司流動性增加所造成的。

近年來國內企，業透過海外可轉換公司債(ECB) 之發行自國際資本市場募集資金以漸成風氣。國內金融機構藉由ECB之發行籌資則集中於近二年，尤其自金控公司核准設立以來，受金控法之規範，金控公司因合併而產生之母子公司交叉持股問題，限期於三年內須處理完成，否則屆期須辦理註銷股本。本文即以復華金控旗下子公司復華證金為求於法定期限內解決交叉持股問題，以其持有母公司復華金控股票為轉換標的，發行一億美元之海外可交換公司債(EEB)為例，探討整個債券發行過程中及比較截至2004年底，相關金控公司所發行ECB之債券持有人執行轉換比率，發現以發行海外可轉換公司債方式為樣本且須面臨限期處分交叉持股壓力之大小與其有效完成債券轉換總金額之達成率呈現高度正相關。而以發行海外可轉換公司債方式為樣本但毋須面臨限期處分交叉持股之債券轉換情形，其有效完成債券轉換總金額之達成率呈偏低狀況。且以發行海外可交換公司債方式為樣本之債券轉換情形亦同受債券發行公司有否須面臨限期處分交叉持股壓力之影響。

在考量或依據籌措資金的目的、資金成本、募集資金的金額、貨幣市場及法令因素等，公司會在多元的籌資管道中選擇最有利的方式進行。可轉換公司債自民國79年遠東紡織發行後，就受到企業的喜愛與投資人的注意。發行可轉換公司債時機及營運績效與發行CB之相關性，是本研究所探討的重點，同時也希望此研究結果能對未來預發行可轉換公司債的企業有所幫助。 本研究首先透過問卷調查的方式，發現企業發行國內可轉換公司債之主要動機為募資資金成本較低，選擇發行ECB的主要動機則為降低利息負擔。接著嘗試已證實測試方式，依照所選取樣本分成四組，進行對照比較，發現外部因素如利率、股價、法令變動對企業是否選擇CB作為募資方式並無明顯相關性。再進一步了解發行CB對公司營運績效影響，發現公司發行可轉換公司債之後，獲利變差。另外進行公司特徵之分析；在鋼鐵業方面，發行前財務比率即較同業差，發行年度及發行後二年財務比率並未因發行可轉換公司債而轉好，因此無法推估發行可轉換公司債與獲利能力之關聯性。在電子業方面；三組電子業的樣本與同業的對照比較中，以半導體產業發行可轉換公司債為募資方式的公司最多，且發行後可能公司本身獲利能力有逐漸衰退，但無論是獲利能力，經營能力等財務比率皆優於同業。 遂進一步觀察其發行時機集中在86、87年，正處於半導體景氣衰退期，直到89年初景氣才復甦，正發揮可轉換公司債的產品特色，在景氣衰退時，以發行可轉換公司債的利息負擔最低，可在獲利減少下避免稀釋盈餘，且可以高於市場價格作為轉換價格，避免股價的低估，或許這是被認為發行可轉換公司債後，獲利能力會變差的原因之一，但半導體廠商在選對正確時機發行後，在景氣不佳時，仍有優於同業的獲利及經營能利，實則為發行可轉換公司債所帶來的最低成本的資金。 關鍵字：可轉換公司債、海外可轉換公司債、營運績效、CB、ECB / To consider or base on the purpose of financing、the cost of capital、the amount of fund、currentfinancial market conditions and governing laws.....etc,usually a company will choose the most beneficial source of finance. In 1990 in Taiwan, the Convertible Bond ( CB ) was issued by Far East Textile Co. and was favorably attracted by both companies and investors since. The primary subject of this studding is to discuss the correlation between the time of issuing CB and operating performance after issuing CB. Hopefully, this paper can be useful to the company desiring to issue CB in the future. First o fall, by using the survey method I found that most companies in Taiwan chose issuing local CB as the source of finance because of cheaper capital cost. Some companies chose issuing ECB for reducing interest burden. Secondly, by using practical test method: separate the selected samples into four groups for comparison testing. In results, there is no obvious correlation between exterior factors and the companies whether issuing CB. The exterior factors include interest、stock price and security laws. Finally, this paper explains the operating performance, especially the earning profit ability, of the companies getting poor after issuing CB. To understand such result, compare the characteristics of the companies in the same industry. In steel and iron industry；the financial ratios of the selected company without issuing CB are poorer than competitors’. Then the selected company didn't get better within two years after issuing CB. In this case, I can't assume that the operating performance or result is related to the company issuing CB matter. In electronic industry; three samples of electronic corporations were compared with their competitors. This paper illustrates that issuing CB as the way of financing for the company is the most popular among semiconductor industry. Although the selected company faced a downturn in earnings after issuing CB, it still performed well in terms of financial ratios compared with its competitors. To go a step further to observe the issuing time during 1997 and 1998, the semiconductor industry encountered a slumped condition until early 2000. In this time frame, CB product naturally explained its merits by itself. When the company faced a down-turn economic situation, usually with poor earnings,the company tended to issue CB as the source of finance in order to reducing interest cost, smoothing earning per share, protecting shareholders' rights to transfer a better share price in the future. The condition above accidentally misled the thoughts of that the issue of CB will cause poor earnings. The companies in semiconductor industry chose the right time to issue CB.They still keep a better operating performance than competitors and obtain fund for the lowest cost of capital due to choose issuing CB as the way of finance.

In this thesis we examine the macroeconomic interactions of unconventional monetary policy introduced by European Central bank during crisis by estimating a panel vector autoregression. We study impact of such policies using monthly data from 13 Central and Eastern European countries within seven-year period from 2008 to 2014. We find a positive reactions of output and prices to expansionary unconventional monetary policy shock. Our results provide evidence that decrease in shadow policy rate of ECB leads to rise in output as well as temporary rise in inflation, however, the effect on inflation is weaker and less persistent. We also find that unconventional monetary policy positively influences market uncertainty, but we do not find any significant effect on exchange rates. Individual country estimates suggest that the reaction of exchange rates to non-standard monetary policy shock significantly vary across countries.

After two world wars, the West European Economy goes through serious recession. Through the cold war, the representatives of west European countries, German and France, feel that they must cooperate. Hence, by the bases of economic co-operations, the West Europe starts to integrate their resources and political alliances. From the ¡§Economic Community (EC)¡¨ to ¡§Economic and Monetary Union (EMU)¡¨, most West European countries go through several obstacles, like the Collapse of Bretton Woods System in 1971 and the European Crisis in 1992,¡K¡K, etc. Finally, in 1th, Jan., 1999, 11 countries of European Union establish EMU and expect to take Euro as their single currency formally in 2002. They also establish European Central Bank (ECB) to execute the Euro zone¡¦s single monetary policy. The status of Euro after 1th Jan., 1999 is the purpose of this study. This article tries to use the Exchange Rate decision theories, Purchasing Power Parity (PPP) and Interest Rate parity (IRP), to investigate the relationship between Euro and USD. From several statistical empirical tests, it reveals that the trends of Euro couldn¡¦t correspond with the theoretical wants, ie PPP and IRP can¡¦t catch the trends of Euro. By the outcome of ¡§Sign Test¡¨ and ¡§Wilcoxon Sign-Rank Test¡¨, it can be found obviously that the Euro indeed is undervalued from the establishment to Apr., 2000 if we don¡¦t take the transaction costs into account. As a result of the outcome of empirical finds, the article starts to investigate the reasons why the theoretical values from exchange rate decision theories are not equal with real ones. One is that if the empirical models ignore some important factors which lead to the biases of models¡Fthe other is if Euro is undervalued during this observation periods. From the economic macro-environmental analyses, the article can infer that because of the Kosov Wars, Russian economic reform problems, the increase of short interest rate gap between USD and Euro, the different economic reform paces among member countries of EMU,¡K¡K, etc. result in the main factors of the weak currency - Euro.

The diploma thesis deals with the independence of monetary policy of the Czech National Bank on the monetary policy of the European Central Bank. The content of thesis is to allocate and subsequently analyze zones in which foreign monetary policy can influence and restrict realization of monetary policy in small open economy. The aim of thesis is to assess extent of dependency of decision making process of monetary policy CNB on monetary policy ECB. Conclusion and recommendations are formulated based on the results obtained of qualitative and quantitative analysis and comparison of particular monetary indicators.

Purpose – The purpose of this study is partly to illustrate how the AES encryption methods ECB and CTR affect the computational speed when using the GPGPU framework Cuda, but also to clarify the advantages and disadvantages between the different AES encryption modes. Method – A preliminary study was conducted to obtain empirical data on the AES encryption modes ECB and CTR. Data from the study has been analyzed and compared to determine the various aspects of the AES encryption modes and to create a basis for determining the advantages and disadvantages between them. The preliminary study has been carried out systematically by finding scientific works by searching databases within the subject. An experiment has been used as a method to be able to extract execution time data for the GPGPU framework Cuda when processing the AES encryption modes. Experiment were chosen as a method to gain control over the variables included in the study and to see how these variables change when they are consciously influenced. Findings – The findings of the preliminary study show that CTR is more secure than the ECB, but also considerably more complex, which can lead to integrity risks when implementation is done incorrectly. In the experiment, computational speeds are produced when the CPU memory sends to the GPU memory, the encryption on the GPU and how long it takes for the GPU memory to send to the CPU memory. This is done for both CTR and ECB in encryption and decryption. The result of the analysis shows that the ECB is faster than CTR in encryption and decryption. The calculation speed is higher with the ECB compared to the CTR. Implications – The experiment shows that CTR is slower than the ECB. But the most amount of time spent in encryption for both modes are the transfers between the CPU memory and the GPU memory. Limitations – The file sizes of the files tested only goes up to about 1 gigabyte which gave small computation times.

L’intégration européenne des marchés financiers semble se heurter de manière répétée à un certain type de problèmes concernant la substance et les limites conceptuelles de ce « marché » en cours d’intégration, ainsi que le statut et le rôle qu’y revêtent la monnaie, les infrastructures et la gouvernance publique. Ces problèmes et les controverses qu’ils soulèvent présentent un parallélisme avec des débats classiques de théorie économique tels que celui qui oppose les conceptions du marché comme espace sans frottements et comme processus de concurrence. Ce parallélisme est attribué ici à une « conception concurrentielle du marché » car celle-ci implique l’idée contradictoire d’une « intégration de la fragmentation ». La thèse repère ces thèmes et ces parallèles dans un grand projet récent d’intégration des infrastructures de marché financier : la plateforme paneuropéenne de règlement-livraison de titres Target2Securities (ou T2S), censée surmonter la fragmentation des systèmes qui réalisent les transferts de monnaie et de titres lors de transactions financières. L’analyse de ce projet permet en outre d’avancer une réponse à une énigme que les approches habituelles de l’intégration européenne en sociologie et en économie politique (political economy) – principalement centrées sur les intérêts et idées des acteurs les plus puissants – sont bien en peine d’éclaircir : à savoir la raison pour laquelle T2S sera de facto un monopole de la Banque centrale européenne, alors que les institutions européennes privilégient depuis le début l’intégration par les acteurs privés. La notion foucaldienne de « formation discursive » est mise à contribution pour conceptualiser ces thèses. / European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “competitive conception of the market” is identified as producing these parallel problems and controversies in European market integration and economic theory because it implies a contradictory “integration of fragmentation.” These themes and parallels can be specifically identified in a recent major project to integrate financial market infrastructures: a pan-European settlement platform – “Target2-Securities (T2S)” – to overcome existing fragmentation between the systems that perform the actual delivery of money and securities from financial transactions. Moreover, a close analysis of T2S answers a question that existing sociological and political economy approaches to European integration – focusing primarily on the interests and ideas of powerful players – struggle with: why T2S will become de facto a monopoly for the European Central Bank when early on in the integration process EU institutions emphasized an industry-led integration. Foucault’s notion of “discursive formation” is employed to conceptualize these arguments.

近年來，一方面由於台灣資本市場的發展日益蓬勃，另一方面則因台灣企業日趨大型化、國際化，相對於過去大都趨於現金增資、盈餘及資本公積轉增資等權益型態融資，現階段則更傾向多種融資管道及融資工具的交互運用，可轉換公司債市場發行者日益增加。 因此，本研究欲探討當公司選擇於國內融資，選擇現金增資與發行可轉換公司債之企業，兩者的財務特性是否具有差異；探討當公司選擇發行可轉換公司債，則發行國內可轉換公司債與發行海外可轉換公司債之企業，兩者的財務特性是否具有差異；探討台灣資訊電子業其從事籌資活動時之融資偏好概況。 本研究分別以Multinomial Logit模型以及Nested Logit模型分析民國89至93年間上市上櫃發行國內可轉換公司債、海外可轉換公司債或現金增資之資訊電子業公司，探究發行公司是否具備某種財務特性，而影響其融資選擇。研究結果發現： 1. 以Multinomial Logit模型分析時，選擇發行現金增資及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)愈小者，資產報酬率(表獲利能力)、負債比率(表財務風險)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈高者，愈傾向發行國內可轉換公司債。選擇發行海外可轉換公司債及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈小者，負債比率(表財務風險)、資產報酬率(表獲利能力)愈高者，愈傾向發行國內可轉換公司債。 2. 以Nested Logit模型分析時，選擇發行現金增資及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)及負債比率(表財務風險)愈高者，銷貨成長率(表成長性)、資產報酬率(表獲利能力)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈低者，愈傾向發行國內可轉換公司債。選擇發行海外可轉換公司債及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)、營業利潤率標準差(表營運風險)、資產報酬率(表獲利能力)愈小者，負債比率(表財務風險)、自由現金流量比率(表代理問題)愈高者，愈傾向發行國內可轉換公司債。 3. 經由Hausman Test檢定其融資選擇之間的IIA條件之後，發現此三項融資選擇之間無任何相關性，因此可知其適用之模型為Multinomial Logit Model。 4. 對於台灣的資訊電子產業而言，就其財務特性中之公司規模、成長性、獲利能力、財務風險、營運風險以及自由現金流量比率看來，發行海外可轉換公司債均應至少屬其融資時的前二位選擇。 5. 影響企業傾向選擇發行海外可轉債的機率程度由大致小排列為：公司規模、獲利能力、財務風險、營運風險、成長性、自由現金流量比率。 / In recent years, more and more companies tend to finance with other instruments except for seasoned equity offerings. Therefore, my paper attempts to explore if there exists differences in the financial characteristics of the companies who finance with seasoned equity offerings or convertible bonds, and if there exists differences in the financial characteristics of the companies who finance with European convertible bonds or domestic convertible bonds. Besides, I try to find the general situation of the financing behavior in the information and electronic industry in Taiwan. The main empirical results show: 1. The financing behavior of information and electronic industry in Taiwan is suitable for the use of Multinomial Logit model. It means that three financing instruments, seasoned equity offering, European convertible bond, and domestic convertible bond, are independent with each other. 2. As for the information and electronic industry in Taiwan, issuing European convertible bonds is probably the first two choices when discussing the financial characteristics of the firm size, growth, profitability, financial risk, operational risk and the ratio free cash flow. 3. The most influential factor that causes companies to issue European convertible bonds instead of domestic convertible bonds is firm size. And the least influential factor that causes companies to issue European convertible bonds instead of domestic convertible bonds is the ratio of free cash flow.